Industrial Growth Partners has sold its minority stake in TASI to Berwind. No financial terms were disclosed for the transaction, which was completed on June 12. Based in Cincinnati, TASI is a provider of test, measurement, inspection and automation solutions for mission-critical applications.
San Francisco, CA – Industrial Growth Partners is pleased to announce the sale of its minority ownership interest in TASI Holdings, Inc. (“TASI” or the “Company”) to Berwind Group (“Berwind”) in a transaction that closed on June 12, 2014.
TASI, headquartered in Cincinnati, Ohio, is a leading global provider of highly engineered test, measurement, inspection and automation solutions for mission-critical applications in the Americas, Europe and Asia. The Company’s solutions focus on enhancing customer productivity by reducing manufacturing cost, avoiding rework, improving quality and reliability, and shortening time to market. TASI serves a diverse customer base in a range of end markets including the transportation, industrial, life sciences, energy, consumer goods, and food and beverage industries.
Original Acquisition and Recapitalization Details
IGP, in partnership with TASI’s management, acquired the Company in September 2003. In May 2007, IGP sold its majority interest in TASI, and as part of that transaction, retained a significant minority ownership interest in the business. Since 2007, TASI integrated a number of highly complementary add-on acquisitions and continued to aggressively grow the business by launching innovative new products, penetrating attractive end markets including energy and life sciences, and further expanding into Europe, Asia and Latin America.
David Huberfield, President and CEO of TASI, commented:
“Our relationship with IGP was unique—- as partners together for over 10 years, they provided extremely valuable strategic support and operating expertise to help us achieve our long-term growth plan. Through a number of organic growth and acquisition-related initiatives, we more than tripled the size of the business over the past decade, and we benefited significantly from the collaborative relationship that existed between the IGP and TASI teams.”
IGP, founded in 1997, is a San Francisco-based private equity investment firm with $1.4 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the manufacturing sector in partnership with management teams.